Wong highlighted that South East Asia has seen significant growth, with Australia’s current account deficit reported to be $10.7 billion. Foreign Minister Penny Wong expressed concerns that Australia was missing out on investment opportunities in the region, as businesses are overly focused on China and North Asia. She criticized Australian businesses for not capitalizing on the rapid growth in Southeast Asia.
Wong emphasized that Australia needs to increase its investment in the region as countries like China and the United States are doubling their investments in Southeast Asia. She warned that Australia is falling behind and failing to keep pace with the region’s growth.
Additionally, Wong addressed concerns about capping foreign student enrollments impacting regional engagement, noting the spike in student numbers post-pandemic. She stressed the importance of sustainable growth in the overseas student sector.
Furthermore, Wong discussed Australia’s pursuit of stability amid concerns about China’s military modernization. She highlighted the importance of transparency and regional stability in the face of differing views, particularly regarding the South China Sea and the law of the sea.
Wong also emphasized the need to maintain a stable relationship with China, acknowledging the need for dialogue, cooperation, and clear communication to manage differences wisely.
In terms of the upcoming presidential election, Wong stated that Australia is prepared to work with whoever becomes the leader of the United States, emphasizing the historical precedent of collaboration regardless of political parties.
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